Mortgage Assistance Options Help Center - Rushmore Loan Management Services

Rushmore Loan Management Services understands that you may be experiencing a temporary or long-term hardship and need help. Your loan may be past due or you may be facing foreclosure. We want to assist you with possible loss mitigation options which may be available to you.

If your loan is owned by Fannie Mae or Freddie Mac, your application for loss mitigation will be considered under Fannie Mae or Freddie Mac program guidelines. Similarly, if your loan is government insured, such as a FHA loan, your application will be considered under the guidelines of that program. For more information, please go to the Contact Us page of this website to find the number for Rushmore Customer Care.

Depending on your specific loan and circumstances, these options may include the following:

Repayment Plan

Allows you to pay past due amounts on your loan over a specified time period to bring your loan current. Each plan payment includes your regular monthly payment plus a portion of the past due amount. The term of the loan will vary based on your ability to repay.

Is a repayment plan right for you?

Trial Period Plan/Forbearance

Forbearance allows you to temporarily suspend or reduce your payments for a specified time period.

Under a trial period payment plan, you make specified payments over a short period of time to demonstrate your ability and willingness to pay a specified amount.

The payment under a trial period plan may be higher than the original payment amount when your loan was originated.

Loan Modification

Permanently modifies the terms of your loan, may change one or more terms of your loan in order to help you bring a defaulted loan current and prevent foreclosure. A loan modification permanently modifies the terms of your loan. It may change one or more terms of your loan in order to help you bring a defaulted loan current and prevent foreclosure. Based on the circumstances of your particular loan, a loan modification may include one or more of the following:

an interest rate reduction
in certain cases, forgiveness of a portion of principal
an extension of the maturity of the debt
spreading the past due amount over the remaining term
a deferment of a portion of the outstanding debt.
Is a loan modification right for you?

Is a loan modification right for you?

Short Refinance

Allows you to refinance your loan at less than the remaining balance of your loan. The owner of your loan agrees to forgive some of the principal balance. In most cases, you will be responsible for the costs of obtaining the new loan.

In order to apply for a Short Refinance, please submit the following documents:

HUD1 Settlement Statement or Closing Disclosure.
Approval letter from your new lender.

Short Sale

Allows you to sell your home for less than the remaining balance on your loan. The agreed upon net sale price of the home must be acceptable to the owner of your loan. The debt may be satisfied at the agreed upon sale price and terms. If the short sale is completed, you will not be responsible for the costs of sale (e.g., broker fees). Relocation assistance may be offered.

Is a short sale right for you?

Deed-in-Lieu

A voluntary deed of the ownership of your home to the owner of your loan in satisfaction of some or all of your obligations under your loan. This action will not save your home but may aid you in qualifying for another mortgage in the future. This option may have a less negative impact on your credit than a foreclosure. There cannot be any problems with the title to your property, such as outstanding liens that cannot be satisfied. Rushmore will request a title report on your home. If a deed-in-lieu is not completed, the costs of this report will be added to your loan balance. Relocation assistance may be offered.

Is a deed-in-lieu right for you?

Reinstatement

Payment of the total amount you owe in a lump sum payment and by a specific date. This brings your loan current. This may follow a forbearance.

Consent to Judgment

If you are unsuccessful in selling your home and do not qualify for a Deed-in-Lieu because of outstanding liens, this option may be available to you. Relocation assistance may be offered if you agree to a quick foreclosure.

Is a Consent to Judgment right for you?

Settlement

A mutual agreement between you and Rushmore whereby Rushmore, on behalf of the loan owner, agrees to accept less than the full amount of your loan balance in full satisfaction of your loan. You retain full ownership of your home

In order to apply for a Settlement, please submit the following documents:

Written offer which includes the Settlement amount requested.
If submitting a cash offer, proof of funds used to settle the account.
If receiving financing, pre-approval from the bank or loan officer completing the transaction.

Active Service Members

The Servicemembers Civil Relief Act provides certain legal protections and debt relief to service members on active duty or active service members and their dependents. Please visit www.militaryonesource.comfor information and help with budgeting, debt reduction and credit issues or call toll free from within the U.S. 800-342-9647 or from outside the U.S. at 800-342-6477 or International Collect at 484-530-5908. Please let Rushmore know if you are an active servicemember experiencing financial difficulty. Even if you are not entitled to protection under the Servicemember Civil Relief Act, Rushmore may be able to help you under its servicemember’s relief program.

Housing Counseling Resources

The U.S. Department of Housing and Urban Development (HUD) sponsors non-profit homeownership counseling agencies across the country. Call 800-569-4287 or visit www.hud.gov for a list of HUD-approved agencies in your area. In addition, many state regulatory authorities maintain lists of non-profit homeownership counseling agencies available to customers in that state. Visit our state specific homeowner assistance resources page for more information.

Beware of Foreclosure and Debt Relief Rescue Scams

Unfortunately, in difficult economic times, fraudulent businesses prey on consumers by approaching them with offers to “save” their home or assist them in getting a loan modification. These offers may be seen on the internet, television or received by email or mail. Please be aware that many of these companies are merely looking to take advantage of distressed customers. You should be extremely careful about any such promises, particularly if you are asked to pay a fee for services (such as loan modification services, forensic audits), sign over the title to your property (such as rent to buy), or are advised to stop communicating with or making payments to your mortgage lender or servicer. You can get more information about these types of scams at the Federal Trade Commission website at www.ftc.gov. If you need foreclosure prevention guidance, please call us right away to discuss your loan, your current financial situation and the workout options that may be available to you. If you are more comfortable, you can contact a non-profit housing counselor. See Housing Counseling Resources above.